The label also intends to continue preparing for and scheduling upcoming releases, which tentatively includes Crunk Rock, Lil Jons long awaited fourth album for TVT and the Ying Yang Twins anticipated 2008 release, which is currently untitled.

“I believe that we will emerge from this reorganization a stronger entity,” said TVT founder and President Steve Gottlieb. “Our history of innovative marketing, creative branding and artist discovery are as much in demand today as ever before. The downturn in the music business has affected all of us, independents and majors alike. We all seek to adapt to a new business model.”

In addition to filing for Chapter 11 Bankruptcy protection today, TVT significantly reduced its staff and shut down international offices, as the company seeks to cut costs across the board.

TVT also plans on selling its distribution platform and may possibly partner with digital content companies and other entertainment entities to continue operations.

Named the top US independent record label by Billboard Magazine from 2001 through 2006, TVTs roster also includes singers Teedra Moses, Keke Wyatt and Lumidee, as well as Miamis Pitbull and Memphis rapper Yo Gotti, who is also slated to release an album this year.